For several years, Cambodia has become one of the global epicenters of online fraud and “scam compounds” set up in special economic zones.
In 2025, one name stands out at the center of this system, according to US and British authorities: Prince Group, a conglomerate based in Cambodia, led by businessman Chen Zhi.
Recent investigations by the United States, the United Kingdom, and several Asian countries describe Prince Group as a transnational criminal organization that allegedly used online fraud centers and human trafficking victims to fuel a gigantic machine of cyber-scamming and money laundering.
1. Who is Prince Group and who is Chen Zhi?
Prince Group (often presented as Prince Holding Group) is a conglomerate based in Cambodia, with official activities in:
Real estate and urban development
Finance and banking systems
Hospitality
Services
At its head is Chen Zhi (also known as Vincent Chen), a Chinese-born entrepreneur, naturalized Cambodian, and holder of other nationalities.
He has built an image of a modern “tycoon”: a patron, investor, close to political elites, associated with development projects and very polished communication.
In October 2025, this image shatters.
The American authorities unveil a completely different version of his empire.
2. The Accusations: An Empire Funded by “Scam Compounds”
According to the indictment released by the US Department of Justice, Chen Zhi is accused of having directed, via Prince Group, a network of fraud centers set up across Cambodia.
These centers allegedly specialized in:
Crypto investment scams such as: AccGn, CoinPlex, TUX AI, etc..
“Pig butchering” type scams (fake emotional connections + fake investments)
Other forms of online fraud targeting victims worldwide
The authorities describe a system based on:
Foreign workers recruited through fake job offers
People held against their will in closed compounds
Threats, violence, and torture to force them to conduct online scams
Standardized scripts and platforms to run scams on an industrial scale
In summary, according to prosecutors, Prince Group is not just a classic conglomerate with a few minor issues, but the economic arm of an industrial cyber-scamming network built on forced labor.
Chen Zhi denies these accusations and, legally, remains presumed innocent until proven guilty.
3. The Central Role of Money Laundering
At the heart of this system is the key question: where does the money go?
And more importantly: how to make it “clean”?
Billions embezzled through crypto scams
The “scam compounds” operated from Cambodia have allegedly generated, according to investigators, billions of dollars in illicit profits.
The victims, located in the United States, Europe, and Asia, were led to invest on fake crypto trading platforms, send funds to wallets controlled by the network, and believe they were participating in quantitative trading or financial AI operations.
127,000 bitcoins seized: a historic record
The United States announced the seizure of approximately 127,000 bitcoins, presented as being linked to the fraudulent activities and money laundering orchestrated by Chen Zhi and Prince Group.
This is, to date, the largest cryptocurrency seizure in the history of the US Department of Justice.
These bitcoins allegedly passed through non-hosted wallets, offshore platforms, and a network of shell companies, before being partially reinvested in:
Luxury real estate,
“Legitimate” companies of the group,
Financial assets in several countries.
4. Designation of Prince Group as a Transnational Criminal Organization
In parallel with the criminal indictment, the US Treasury goes further, designating Prince Group as a Transnational Criminal Organization (TCO)…
This designation leads to:
Sanctions against 146 individuals and entities linked to the group,
The freezing of their assets under US jurisdiction,
A ban on US citizens doing business with them,
The listing of crypto wallets and associated structures on sanction lists.
The United Kingdom aligns and also imposes sanctions, including:
the freezing of high-value real estate assets (office buildings, luxury residences),
travel bans,
financial measures against associated companies.
Several media outlets report frozen properties in London, used according to investigators to launder some of the money from the scams.
5. Recent Seizures: Singapore, Taiwan, and Beyond
The consequences do not stop with the United States and the United Kingdom.
Several Asian countries have launched their own operations.
Singapore: over 150 million Singapore dollars seized
In Singapore, the police announced the seizure of over 150 million Singapore dollars in assets linked to Prince Group and to Chen Zhi:
Bank accounts
Securities accounts
Cash
And several real estate properties.
These seizures are part of an investigation for money laundering and forgery, in cooperation with foreign authorities.
Taiwan: detentions and hundreds of millions of NT$ confiscated
In Taiwan, prosecutors announced they have:
Arrested about twenty suspects
Seized over 4.5 billion NT$ in assets (approximately 140–150 million US dollars) linked to Prince Group.
Here again, Taiwanese authorities are basing their actions on US sanctions and on evidence showing that Taiwanese companies and citizens allegedly served as relays for the fraud and laundering network.
Other jurisdictions involved
Investigations also mention the use of structures and flows through:
Cambodia
Singapore
Taiwan
Mauritius
Laos
Offshore jurisdictions
The objective: to fragment, conceal, and recycle money from scams through a global network of companies and bank accounts.
6. Cambodia, a Fertile Ground for the Fraud Industry
The revelations about Prince Group do not fall on deaf ears.
They are part of an already explosive context: that of the online fraud industry in Cambodia.
An industry already exposed
For several years, NGOs, journalists, and international organizations have been warning about:
The presence of scam compounds in cities like Sihanoukville,
The trafficking of workers from all over Asia (China, Vietnam, India, Philippines, etc.),
The violence, torture, and extortion suffered by these workers,
The involvement of Chinese criminal networks supported by local elites.
The United Nations estimates that around 100,000 people could be trapped in such centers in Cambodia.
A new phase: hitting the “big fish”
The sanctions and indictment targeting Prince Group mark a significant step: for the first time, “key figures” of a highly visible conglomerate are publicly designated as being at the heart of this criminal economy.
The message is clear: the United States, the United Kingdom, and their partners now want to tackle the laundering structures and those who profit most from them, not just the small players on the ground.
7. What This Changes for the Fight Against Online Fraud
The Prince Group case has several major consequences.
A show of force
The record seizure of 127,000 bitcoins and the hundreds of millions confiscated in Asia send a signal:
- The financial infrastructures of scam networks are no longer untouchable.
- Real estate assets, bank accounts, and holdings used to launder money are now in the crosshairs.
This makes it harder for the networks to “start from scratch” after each scandal.
Pressure on regional governments
By targeting Prince Group, the sanctions also put pressure on Cambodia and neighboring countries. Local authorities are being pushed to:
Intensify raids on scam centers
Better regulate special economic zones
Limit the corruption and impunity that these networks enjoy
Thousands of arrests and releases of victims in the region since 2024–2025 show that the dynamic is changing, even if resistance remains strong.
Conclusion
According to American, British, and Asian authorities, Prince Group is not just a prosperous Cambodian conglomerate, but a central pillar of the global online fraud economy, responsible for scam centers fueled by forced labor and massive laundering through cryptocurrency, real estate, and shell companies.
The indictment of Chen Zhi, the designation of Prince Group as a transnational criminal organization, and the cascading asset seizures in Singapore, Taiwan, and elsewhere mark a turning point.
For the first time, a major player in this industry, with the profile of an “official businessman” close to power, is publicly accused of being at the heart of the fraud architecture.
The legal outcome is yet to be determined, but one thing is certain:
The fight against online fraud in Southeast Asia has just reached a new level.
What unfolds around Prince Group will largely determine whether these networks can continue to thrive… or if, on the contrary, we are witnessing the first serious cracks in a long-untouchable system.
